By Tyler Durden
Desite a positive headline print (+1.2% vs +1.05 expectations), January’s Factory Orders ex-transports rose just 0.3% month-over-month – the weakest growth since July 2016.
The spike in new factory orders in December – on the heels of the Trump election victory and perhaps inventory stockpiling on hopes that everything will be awesome – did not last long and January saw growth tumble to just 0.3%…
Transportation equipment new orders rose 6.2% MoM – bouncing back from a 4.3% plunge in December and a 14.7% collapse in November.
Notice the trend? Yeah exactly – there is none! Two months down, then one month up – don’t hold your breath for Feb/March.